the other big bank, first union merged with wachovia and took the wachovia name and then really got into trouble during the financial crisis and almost feel. that bank now is owned by wells fargo out of san francisco. so into the only big bank still based it is bank of america, although wachovia is part of wells fargo. they have their biggest employee base here in charlotte. wells fargo still has a big presence in charlotte. >> what were some of the problems they were having? >> both of these banks really true throughout time, and then both kind of stumbled on the last big acquisitions. wachovia bought a lender called golden west financial out in california, kind of right at the top of the housing bubble, have a lot of mortgage issues that they inherited about $100 million in mortgages. allowing california housing prices were really falling apart to get some investment banking issues as well. that put them in trouble going into the financial crisis. then bank of america had bought first countrywide financial which was the biggest subprime lender, and then merrill lynch which is the bigge

wachovia over one weekend was ready to fail and figuring out who to sell it to.then back to wells fargo, n. citigroup said wells fargo tailback and moments where wachovia was close to failing. they were not sure what would happen. then when they switched from citigroup to wells fargo the confrontation between the lawyers said we will sue you for billions of dollars. they did and settled not too long ago at about $100 million. >> what effect has that had on charlotte or north carolina? >> from 2008 through 2009 we lost about 3,000 jobs equating about $1 billion of wages. some of that started to come back but you have lost jobs, investment banking jobs, they will not come back with that mortgage related stuff that nobody does and a big mortgage of and lourdes couple of positive as we have seen to move operations here take advantage of those folks that are here. smaller firms have spun off and private equity firms out. there is now more of a diverse financial sector but definitely lost said big bank to one in california to go through the pain that happen here. . .

the other first union not to be merged with wachovia and took the wachovia name and got into troubleduring the financial crisis and almost failed and that bank now is owned by wells fargo out of san francisco so in a theory the only big bank still based here is bank of america. although wachovia as a part of wells fargo the have their biggest employee base here in charlotte so wells fargo. >> you mentioned some of the problems that they were having. what were some of those? >> the banks grew through acquisitions over time and then both kind of stumbled on their last big acquisition. wachovia bought a lender called golden west financial out in california kind of right at the top of the housing bubble and had a lot of mortgage issues they inherited about $100 billion of mortgages, a lot in california where the housing prices were really falling apart. they have investment banking issues as well, so that really put them in trouble going into the financial crisis and bank of america had bought first countrywide financial which was the biggest subprimal lender and then merrill lynch, whic

get through all of their losses and meet certain standards to get to meet and fumbles for grand wachovia are finishing up the merger and we will see the wells fargo signs show up in north carolina and this wachovia name that goes back to 1879 will be washed away some of will be a kind of bittersweet moment for north carolina. >> for more information on booktv's 20 elving cities tour, visit c-span.org/local content. >>> coming up next on booktv, "after words," an hourlong program where we invite a guest host interview authors. this week the news hour's jim lehrer in his new book, speed chaim inside the presidential debates from kennedy nixon to mccain obama." the veteran newsman and prolific writer discusses the memorable moments of televised presidential debate since 1960. he shows how he developed his questions and kept them secret and reels which he believes were better left unasked treaty talks with cnn chief political analyst gloria borger. >> host: welcome to "after words." i'm gloria borger of cnn and with me is the executive editor of the news hour jam lehrer who's just written a

sale of the airplane and found out that the money for purchasing an airplane had been moved through wachovia bank and they gave this little glimpse into how the cash used for major purchases, an airplane, a jet, is moving through the banks. and i think desperately more needs to be done. i myself has done no original research investigation into money laundering or the drug trade and thus cannot speak at any additional level of depth about that. so far what we know are very isolated kind of almost accidents that interestingly enough don't get followed up on. there is another story from the mid-90s where, and if i get this correct, think it is a customs agent in san diego who was inspecting an 18-wheeler coming from tijuana for propane and found several empty false chambers that were filled with tons and tons of powdered cocaine. went to talk to the driver and the driver was gone. that case ended up getting entirely buried. the propane company is owned by a very powerful political family in juarez. and, now, the customs agent getting -- ended up getting run out of his job and it was the right w